3.1.1. Use of inferred ratings

Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Text with EEA relevance) · European Union

When the following minimum operational requirements are satisfied, an institution shall attribute to an unrated position an inferred credit assessment equivalent to the credit assessment of those rated positions (the ‘reference positions’) which are the most senior positions which are in all respects subordinate to the unrated securitisation position in question: the reference positions must be subordinate in all respects to the unrated securitisationposition; the maturity of the reference positions must be equal to or longer than that of the unrated position in question; and on an ongoing basis, any inferred rating must be updated to reflect any changes in the credit assessment of the reference positions.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.